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* ING Verzekeringen NV Rating: Aa2

Portugal Telecom and Telenor had to lean heavily on domestic institutions to complete their respective Eu2.2bn and Eu1.9bn equity issues this week, but proved that it is still possible for telecommunications companies to raise money in the equity market.

Telstra has increased the limit on its $4 billion debt issuance programme to $6 billion. IBJ International has been dropped from the dealer panel. Barclays Capital, Mizuho International, RBC Dominion Securities and UBS Warburg have been added as dealers.

Portugal Telecom and Telenor had to lean heavily on domestic institutions to complete their respective Eu2.2bn and Eu1.9bn equity issues this week, but proved that it is still possible for telecommunications companies to raise money in the equity market.

If proof were needed that there is still plenty of room for niche players in the MTN market, people should look no further than Tokyo Mitsubishi International and its performance in the last few weeks. It has managed to print tickets for a range of clients, but concentrating on the Landesbank sector. Today, December 12 2000, it did a ¥700 million ($6.31 million) callable FRN for Westland/Utrecht Hypotheekenbank. It matures December 21 2010 and is callable every six months after the first six months. The first coupon is 2.7% and increases by 30 bps every six months. The maximum coupon, in 2010, is 5.4%. Westland/Utrecht says that it expects the trade to be called within two years. TMI has also done a ¥300 million 20-year power reverse dual note for Bayerische Landesbank. The initial coupon is 7%, payable in dollars. It is callable any year after the first year. Its issue date is December 21 2000; it matures December 22 2020. Other issuers in the 20-year yen sector were Credit Agricole with a ¥100 million and BNP Paribas with a ¥500 million note. TMI says that it has seen increased liquidity from Japanese investors since the rally in JGBs cooled a few weeks ago.

Cars prove to be in the fast lane of the private market, with most telecoms concentrating on the public market.

Bouwfonds has signed a euro5 billion ($4.46 billion) Euro-CP programme. ABN Amro has secured the arrangership. The programme has been rated A-1+ by Standard & Poor's. This facility will run alongside Bouwfonds' euro10 billion secured note programme, which it signed last year. Bouwfonds was set up in 1946 by the Dutch municipalities to promote home ownership for lower-income families. It was 90% owned by the municipalities until August 1999 when ABN Amro gained 49.99% of the voting rights. The dealers are the arranger, Dexia Capital Markets, Dresdner Bank, ING Barings/BBL, Rabobank, SG and UBS Warburg.

Brazil is considering a eurobond issue in the next few weeks to take advantage of relatively calm markets and to beat the usual rush of new issues in January. The speculation yesterday (Thursday) was that the sovereign was looking to do a three year bond of about Eu500m, although no specific mandate has yet been awarded.